Browsing All posts tagged under »UniCredit«

The Bank of Italy contested the severance paid to the former CEO of UniCredit – in 2012 ECGS asked the company to reclaim the extra-payment

January 14, 2014

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It is never too late to gain legitimacy and ECGS is glad to see that efforts made for a better governance at the top of Italian companies are not made in vain. On January 11th, the Italian newspaper il Fatto Quotidiano published the report drafted on April 2013 by an independent advisor, Prof. Stefano Loconte, […]

The end of the “shareholder agreements” era: (if real) a great opportunity for the entire Italian economy

November 11, 2013

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On last October 31st, Pirelli announced the termination of the shareholders’ agreement controlling 31.8% of the Company’s share capital. Few months earlier, other agreements controlling major Italian companies were terminates, such as the one related to 58.3% of the publisher of the newspaper Corriere della Sera, RCS Mediagroup (including Fiat, Mediobanca, Italmobiliare, Generali, Pirelli, Intesa […]

Intesa Sanpaolo’s Board election: some funds question the independence of the “minority” slate

April 2, 2013

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On April 22nd, the Intesa Sanpaolo’s AGM will elect the members of the Supervisory Board through the slates of nominees’ mechanism (“voto di lista”). As per the voto di lista, mandatory for all Italian listed companies since 2007, shareholders will vote on slates of nominees submitted by other shareholders, holding at least a threshold of […]

The renewal season at Italian large banks goes on, but some big players are (still) missing

October 24, 2012

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The Italian banking system has been living a season of deep renewal started on autumn 2011 and continued with the last EGMs of Banca MPS and Intesa Sanpaolo on October 9th and 29th respectively. The co-operative banks were the most affected, in particular Banco Popolare and Banca Popolare di Milano (BPM), that followed completely different […]

Impregilo’s meeting (hopefully) marked a turning point for the Italian market

July 23, 2012

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The Impregilo’s shareholders meeting was requested by Salini, one of the two main shareholders with almost 30% and main competitor of the company, asking for the removal of the entire Board of Directors. The meeting was originally called on July 12th, but the other major shareholder (Gavio Group), who also holds almost 30%, proposed at […]

Election of the Board: is the Italian “voto di lista”, as defined by the By-laws, still valid? The cases (of many) of Fiat, UniCredit and Prysmian

April 24, 2012

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The “voto di lista” mechanism is compulsory for Italian listed companies since 2007 and calls for shareholders to vote on slates of nominees, submitted by both controlling shareholders and minorities. Through such mechanism, the worthy goal is to ensure a minority representation on corporate boards, providing that at least one director has to be elected […]

ECGS engages with the BoD of UniCredit to reclaim the extra-severance payment paid to the former CEO

March 6, 2012

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On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure. On September 2010, […]